Question

Q1.Preapare accounting equation from the following:
1.Commenced business with cash ₹1,00,000
2.Cash deposited into bank ₹ 60,000
3.Bought goods from X for ₹20,000 and paid ₹5,000 immediately. 4.Sold goods for ₹20,000 for cash which costs ₹15,000 5.Returned goods to X being defective ₹1,000.
6.Borrowed loan ₹30,000 from bank.
7.Paid wages ₹6,000 and wages still outstanding ₹1,000

Answer 1

Answer:

cash Dr 100000

to capital 100000

bank Dr 60000

to cash 60000

purchases Dr 20000

to cash/bank 5000

to x 15000

cash Dr 20000

to sales 20000

x Dr 1000

to purchase return 1000

bank Dr 30000

to bank loan 30000

wages Dr 7000

to bank 6000

to wages outstanding 1000